Ripple’s XRP has drifted into the red zone but is trying to hold above the $2.50 levels at the time of writing. XRP is currently holding above its 2021 breakout point and the price has stayed above $1.96, which is an important level. Right now, XRP is moving between the all-time high of $1.96 and the 2021 high of around $3.30. These levels create support and resistance zones.
Wave Structure and Price Predictions
XRP is still in a larger price structure that suggests it’s in the third wave of a bigger cycle. After the bottom in June 2022, the market has already seen waves 1 and 2. Now, it is in wave 3, and this could push the price higher in the coming months. The next target is between $5 and $10, though it’s too early to predict this accurately until the price tops in wave 3 and bottoms in wave 4.
Key Support Levels to Watch
The main support for XRP is currently between $1.79 and $1.96. If the price falls below these levels, the next key area of support is the orange zone, signaling a possible larger correction. However, as of now, the correction appears to be part of the third wave in a larger uptrend, so the outlook remains positive.
Rapid Price Action and Potential Pullbacks
The third wave has already extended to the upside, which is not unusual, but the speed of the rise is faster than typical, meaning pullbacks could be stronger. This rapid price action can lead to short-term corrections, but as long as the support levels hold, XRP should continue to rise in the longer term.
Small Time Frame Correction
On the smaller time frame, XRP is currently correcting, which could be a sideways movement or a counter-trend move. It’s possible we are seeing a triangle pattern forming, which often leads to a breakout. Triangles are common in crypto markets, and this could be a signal for the next price movement.
Credit: Source link
